Boots finance chief quits a year after US parent's sale plan collapsed

Michael Snape, who joined from Tesco in 2018, is being replaced by Sam Hunter as Boots The Chemist's chief financial officer, Sky News understands.

City editor @MarkKleinmanSky

Tuesday 6 June 2023 11:57, UK

The finance boss of Boots, Britain's biggest high street pharmacy chain, has quit a year after its US parent abandoned plans to sell the business.

Sky News has learnt that Michael Snape resigned last month after just under five years as chief financial officer at the Nottingham-based company.

He is being replaced by Sam Hunter, an existing Boots finance executive.

It was unclear on Tuesday whether Mr Snape, joined the chemists chain in 2018 from Tesco, has another job to go to.

In a statement, a Boots spokesman said: "After almost five successful years at Boots, Michael Snape, chief financial officer, Boots & No7 Beauty Company, has decided to leave the business.

"During his time at Boots, Michael played a key role in successfully transforming Boots and we wish him all the best for the future and in his next role."

In June last year, Walgreens Boots Alliance terminated talks with prospective buyers after months of negotiations.

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Many retail industry insiders expect the process to be revived by the New York-listed health and wellbeing giant in the next 18 months.

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Boots trades from more than 2,200 stores in Britain, a figure that is expected to reduce as the company reorients its physical store portfolio.

In its last full financial year, to 31 August 2022, the company reported a near-trebling of pre-tax profit to £137m as its business recovered after the final UK COVID-19 lockdown.